Ethena Holds at $0.67 - But Brace for Impact: $25M ENA Token Unlock Threatens Fragile Recovery

Ethena's price finds precarious footing at $0.67—just as a $25 million token unlock looms like a sword over its fragile rebound.

The delicate dance between support and sell pressure

Traders eye the key $0.67 level like hawks, knowing full well that massive token unlocks have a nasty habit of turning bullish sentiment into panic selling. ENA's upcoming release represents exactly the kind of supply shock that makes crypto 'investors' remember they're actually just gamblers with a internet connection.

Market mechanics versus momentum

When $25 million worth of tokens hits the market, basic economics takes over—even in an asset class that routinely ignores it. Increased supply meets uncertain demand, creating a perfect storm for volatility. Previous unlocks across the crypto space have shown time and again that even promising projects can't always defy gravity.

The cynical truth about crypto 'investing'

Let's be real—in traditional markets, this would be called dilution. In crypto, we call it 'tokenomics.' Same game, different jargon. Whether ENA's rebound survives comes down to whether new buyers appear fast enough to absorb the incoming supply—because in this market, fundamentals often take a backseat to pure, unadulterated speculation.

Ethena on-chain metrics surge

On-chain activity is also showing strength. Ethena generated $67.9 million in fees over the past seven days, putting it just behind Tether’s $149 million, according to DeFiLlama data.

Its total value locked has nearly doubled in two months, crossing $12 billion in late August compared to $5.4 billion in early July. These figures highlight growing demand for the protocol, even as traders weigh short-term risks.

Ethena token unlock adds uncertainty

Still, supply dynamics could complicate the bullish outlook. On Sept. 2, around 40.6 million tokens worth $25.4 million will be unlocked, as per Tokenomist data. This represents 0.64% of the circulating supply.

To date, only 42% of ENA’s maximum 15 billion tokens are in circulation. While not enormous compared with daily volume, token unlocks often create selling pressure, especially after a strong rally, as early holders gain liquidity.

At present, ENA has a market cap of $4.48 billion and a fully diluted valuation of $10.17 billion. This valuation gap implies that investors are still looking ahead, but it also implies that if risk appetite softens, unlocks may test demand.

Ethena price technical analysis

ENA’s daily chart shows cautious optimism. The trend is still upward as long as ENA stays above important moving averages ranging from the 10-day to the 200-day. The MACD displays a soft sell signal, and the relative strength index is at 53, which is a neutral value.

The flatness of other momentum indicators, like Williams %R and stochastic, suggests hesitancy rather than conviction. For now, support is building around $0.65. If ENA exits the $0.70–0.72 range, it might MOVE closer to $0.75. Prices may drop back down to $0.61 if they fall below $0.65.

As the Sept. 2 unlock draws near, the market will soon learn whether ENA’s recovery has sustained itself or if profit-taking shortens it.